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johntpartee
Joined: 02 Mar 2010
Posts: 3258
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 Posted: Mon Jan 03, 2011 3:45 am Post subject: Bringing cash |
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| Anybody know how much in equivalent Mexican money is allowed to be brought in on an international flight? I'll be bringing USD and Chinese RMB (I think; I'm not sure yet if any place in Mexico will exchange Chinese money into pesos). |
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Guy Courchesne
Joined: 10 Mar 2003
Posts: 9650
Location: Mexico City
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| Posted: Mon Jan 03, 2011 4:01 am Post subject: |
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| The customs declaration form asks if you are bringing in more than $10,000 US dollars or equivalent. |
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Prof.Gringo
Joined: 07 Nov 2006
Posts: 2236
Location: Dang Cong San Viet Nam Quang Vinh Muon Nam!
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| Posted: Mon Jan 03, 2011 4:55 pm Post subject: |
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| Guy Courchesne wrote: |
| The customs declaration form asks if you are bringing in more than $10,000 US dollars or equivalent. |
No way I would EVER bring ten grand into Mexico in cash on my person.
But that's just me 
BTW there is no limit, only that $10,000 US and above must be declared to customs, at least that is how it works in the US.
Also, US dollars are no longer being accepted at stores. And you will need a valid passport to change currency either at a casa de cambio or a bank (in some banks you must have an account). |
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johntpartee
Joined: 02 Mar 2010
Posts: 3258
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| Posted: Mon Jan 03, 2011 5:00 pm Post subject: |
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I'm assuming that's some sort of currency exchange "hut"? Do they have currency exchange at the airport? Are there fees? |
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TeresaLopez
Joined: 18 Apr 2010
Posts: 601
Location: Mexico City
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| Posted: Mon Jan 03, 2011 5:04 pm Post subject: |
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| johntpartee wrote: |
I'm assuming that's some sort of currency exchange "hut"? Do they have currency exchange at the airport? Are there fees? |
Yes, there are a number of money exchange centers at the airport, there aren�t fees, but you won�t get the best rate. If you do come with a lot of money I would at least have a pre-arranged car and not take a taxi on the street, but it�s not a good idea to have more cash on you than you can afford to lose.
Last edited by TeresaLopez on Mon Jan 03, 2011 5:40 pm; edited 2 times in total |
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Guy Courchesne
Joined: 10 Mar 2003
Posts: 9650
Location: Mexico City
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| Posted: Mon Jan 03, 2011 5:07 pm Post subject: |
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| Casa de cambio is a currency exchange, yes, and the airport is full of them. They all claim 'no commission' but you don't get decent rates at the airport like you used to. Hotels and touristy areas like Zona Rosa in DF have exchanges. You don't need a passport to change dollars at currency exchanges at the airport or Zona Rosa but there are restrictions on amounts you can exchange - 1500 dollars I think is the max. |
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Samantha
Joined: 25 Oct 2003
Posts: 2038
Location: Mexican Riviera
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| Posted: Mon Jan 03, 2011 5:10 pm Post subject: |
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Prof Gringo wrote:
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| Also, US dollars are no longer being accepted at stores. |
Correction. It will depend on which part of the country you live in as to the acceptance of dollars (and of course, which businesses). Remember, Mexico isn't just Mexico City. 
The Federal laws were changed recently (money laundering preventiion attempt) and one of the rules is that businesses can only accept up to $100.00 USD per transaction. It is very difficult to get rid of US cash in banks these days, but the major stores such as Sam's Club, Walmart, Soriana, Mega, will all accept up to $100.00 USD, at least where I live. They are giving surprisingly fair exchange rates, compared to the Casas de Cambio.
The new law actually says that each person is only permitted to exchange $1500 USD per month, which is why some banks, and all Cambios are requiring lots of paperwork when you try to exchange dollars. Not sure how they really track this. There is much confusion. The few banks that will still exchange USD here are putting a limit of $300 USD per day. In some hotels travelers cheques are counted in the $1500.00, in others they aren't, since they were purchased abroad and the money is already accounted for. Eventually, it will be all ironed out, just in time for it to change again. |
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Prof.Gringo
Joined: 07 Nov 2006
Posts: 2236
Location: Dang Cong San Viet Nam Quang Vinh Muon Nam!
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| Posted: Mon Jan 03, 2011 5:12 pm Post subject: |
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| Samantha wrote: |
Prof Gringo wrote:
| Quote: |
| Also, US dollars are no longer being accepted at stores. |
Correction. It will depend on which part of the country you live in as to the acceptance of dollars (and of course, which businesses). Remember, Mexico isn't just Mexico City.
The Federal laws were changed recently (money laundering preventiion attempt) and one of the rules is that businesses can only accept up to $100.00 USD per transaction. It is very difficult to get rid of US cash in banks these days, but the major stores such as Sam's Club, Walmart, Soriana, Mega, will all accept up to $100.00 USD, at least where I live. They are giving surprisingly fair exchange rates, compared to the Casas de Cambio.
The new law actually says that each person is only permitted to exchange $1500 USD per month, which is why some banks, and all Cambios are requiring lots of paperwork when you try to exchange dollars. Not sure how they really track this. There is much confusion. In some hotels travelers cheques are counted in the $1500.00, in others they aren't, since they were purchased abroad and the money is already accounted for. Eventually, it will be all ironed out, just in time for it to change again. |
In Mexico City all Wal-Marts and COSTCO stores have notices which state they no longer accept US dollars. The notices are not always obvious and they are pretty recent, about Oct. 2010 |
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Samantha
Joined: 25 Oct 2003
Posts: 2038
Location: Mexican Riviera
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| Posted: Mon Jan 03, 2011 5:13 pm Post subject: |
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Key words, which some of us would like to see used more often on this forum. "In Mexico City......" Thanks for clarifying that, because we have a big country here.
Last edited by Samantha on Mon Jan 03, 2011 5:14 pm; edited 1 time in total |
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Prof.Gringo
Joined: 07 Nov 2006
Posts: 2236
Location: Dang Cong San Viet Nam Quang Vinh Muon Nam!
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| Posted: Mon Jan 03, 2011 5:14 pm Post subject: |
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| Guy Courchesne wrote: |
| Casa de cambio is a currency exchange, yes, and the airport is full of them. They all claim 'no commission' but you don't get decent rates at the airport like you used to. Hotels and touristy areas like Zona Rosa in DF have exchanges. You don't need a passport to change dollars at currency exchanges at the airport or Zona Rosa but there are restrictions on amounts you can exchange - 1500 dollars I think is the max. |
I would be VERY careful using any casa de cambio at the DF airport. Great way to get robbed after you leave the airport.
Also exercise extreme caution when leaving any bank or casa de cambio in Mexico City, esp. the tourist zones (Zona Rosa, for example) |
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Prof.Gringo
Joined: 07 Nov 2006
Posts: 2236
Location: Dang Cong San Viet Nam Quang Vinh Muon Nam!
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| Posted: Mon Jan 03, 2011 5:15 pm Post subject: |
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| Samantha wrote: |
| Key words, which some of us would like to see used more often on this forum. "In Mexico City......" Thanks for clarifying that, because we have a big country here. |
Have you checked the stores policy recently? |
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Samantha
Joined: 25 Oct 2003
Posts: 2038
Location: Mexican Riviera
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| Posted: Mon Jan 03, 2011 5:18 pm Post subject: |
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Yes, otherwise I wouldn't have posted it. (We just unloaded some USD in Sam's Club to buy pet food in bulk.) Other stores we shop, have signs stating the maximum accepted is $100.00 USD.
There are MANY tourist areas around Mexico, where USD are still being accepted, under the guidelines of the new laws. Those silly tourists unsuspectingly keep bringing USD with them. |
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Guy Courchesne
Joined: 10 Mar 2003
Posts: 9650
Location: Mexico City
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| Posted: Mon Jan 03, 2011 6:40 pm Post subject: |
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I changed US dollars at the airport last week and some more at a casa de cambio near the school this morning. No problems, no passport required at all, though it wasn't much to change. I haven't tried at a store recently but I usually use pesos anyway.
| Quote: |
I would be VERY careful using any casa de cambio at the DF airport. Great way to get robbed after you leave the airport.
Also exercise extreme caution when leaving any bank or casa de cambio in Mexico City, esp. the tourist zones (Zona Rosa, for example) |
The two most heavily policed areas of Mexico City (Zona Rosa and the airport)...never had a problem before and generally not something I'd worry about. |
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MotherF
Joined: 07 Jun 2010
Posts: 1450
Location: 17�48'N 97�46'W
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| Posted: Mon Jan 03, 2011 6:55 pm Post subject: |
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| The op might not be aware of the fact that they could use an ATM card from their home country, rather than brining in cash? If your ATM is on the cirrus, or plus system (for Americans--sorry, I'm not familiar with cards from other countries) you shouldn't have any problem keeping your money in your home country bank account and taking it out here--in pesos or in some locations like the airport in dollars. I don't know the details of your situation, but just offering that up as a possible alternative to carrying cash. |
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johntpartee
Joined: 02 Mar 2010
Posts: 3258
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| Posted: Mon Jan 03, 2011 7:00 pm Post subject: |
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| Chinese banks use six digit PINS. |
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